It’s pretty difficult to ignore the cryptocurrency craze — despite the well-publicized price volatility. More now than ever, people are trying to find new ways to incorporate Bitcoin (CRYPTO: BTC) into their respective retirement plans. Recent IRA offerings seek to meet this demand.
Category: News
Got a side hustle? Tax season just got more complicated
According to a recent survey 45% of Americans have a side hustle in addition to their full-time job. In Maricopa County the formation of businesses rose from 4.7% to 31.9% between 2019-2020. Whether out of necessity or passion, these side jobs will have important tax consequences come April 15.
The IRS is assigning more workers to deal with a huge backlog of tax returns
The Internal Revenue Service, faced with a backlog of millions of tax returns from last year, is reassigning workers to deal with the stacks of unprocessed paper. But the IRS faces an uphill task, and it seems Congress is unlikely to provide much help in the near future.
Here’s what’s new with 401(k) plans this year
A couple of provisions that were in the 2019 Secure Act may become more apparent this year. Other changes to 401(k) plans could be on their way, given the bipartisan support for new retirement legislation in Congress. Contribution limits also are higher for 2022.
Pandemic creates openings for would-be entrepreneurs
There were 5.4 million applications for business tax identification numbers filed in 2021, according to the U.S. Census Bureau, surpassing the previous peak in 2020 of 4.4 million In 2019, pre-pandemic, there were 3.5 million new business applications.
Social Security & You: Maids and nannies and Social Security
Whether or not you have to deduct Social Security taxes from your nanny’s pay depends on several circumstances. Some nannies are self-employed. Others are not, know the difference and your responsibilities.
IRS Offering Saturday Walk-In Help This Tax Season
WASHINGTON (AP) — The IRS will begin offering taxpayers limited Saturday walk-in help this tax season. Thirty-five tax assistance centers around the country will be open from 9 a.m. to 4 pm. on the second Saturday of the next four months, the agency said Friday. This comes after the IRS nixed walk-in visits during the pandemic, and limited service to appointments only.
House Democrats push IRS to resolve ‘frustrating’ tax return backlog
A group of 81 House Democrats pressured the IRS on Friday to develop a plan to address what the agency itself has called a significant “frustrating” backlog in tax returns that threatens to delay refunds for the 2022 filing season.
IRS to commence tax season early, warns of potential hiccups due to pandemic and funding issues
Tax season will begin early this year and is already forecast to be an especially “frustrating” one, the Internal Revenue Service has warned, as pandemic-era tax changes and staffing limitations squeeze the nation’s tax agency.
3 Reasons Your Retirement Savings Aren’t Growing as Fast as You’d Like
You contribute to your retirement accounts diligently, but it seems like your balance barely budges. Sound familiar? You’re not alone. But fortunately, you’re not out of luck either. There can be many causes for a stagnant retirement balance, but here are three of the most common and what you can do to solve them.